New Delhi, March 18 (IANS) The Enforcement Directorate (ED) has restored immovable properties worth about Rs 650 crore to 2,312 genuine homebuyers in connection with the money laundering probe against the SRS Group, officials said on Wednesday.

The restitution was carried out following an order dated March 11 by the special Prevention of Money Laundering Act (PMLA) court in Gurugram, allowing the return of attached properties to legitimate claimants who had suffered losses due to the alleged fraud.

According to the ED, the restored assets include flats and plots in several SRS Group projects such as SRS City, SRS Pearl Floor, SRS Pearl Tower, SRS Residency, SRS Royal Hills, SRS Prime Floor, SRS Pearl Unity, SRS Affordable Housing Project, SRS Pearl Height, and SRS Retreat Farms.

Officials said the action was taken to ensure that “proceeds of crime” are returned to rightful claimants after verification of claims filed by affected homebuyers.

Earlier in the case, the ED had restituted 78 flats worth about Rs 20.15 crore to genuine homebuyers. With the latest order, the total value of properties restored in the case has reached around Rs 670 crore.

The money laundering investigation against the SRS Group was initiated on the basis of 81 FIRs registered by police in Faridabad and Delhi, as well as by the CBI, alleging that the group cheated investors and banks of around Rs 2,200 crore.

According to the ED, the group allegedly lured investors and homebuyers by promising high returns on investments in residential and commercial projects. The funds collected were allegedly routed through hundreds of shell companies and subsequently laundered.

The agency had earlier issued a provisional attachment order for assets worth over Rs 2,215 crore in the case and filed a prosecution complaint before the PMLA court in Gurugram.

Officials said the latest restitution will pave the way for returning attached properties to other genuine claimants, including banks and financial institutions, and marks a significant step towards securing justice for thousands of homebuyers affected by the alleged fraud.

–IANS

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